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研究生:沈宗德
研究生(外文):Shen, Zone-De
論文名稱:應用分量迴歸於營運績效及財務危機與盈餘管理關係之探討–以上市企業為例
論文名稱(外文):Relationship between Performance, Financial Distress and Earnings Management on Quantile Regression Evidence from Taiwan Listed Companies
指導教授:古永嘉 博士陳達新博士
指導教授(外文):Goo, Yeong-JiaChen, Dar-Hsin
口試委員:古永嘉陳達新曾俊堯齊德彰吳志鴻黃博怡
口試日期:2017-07-31
學位類別:博士
校院名稱:國立臺北大學
系所名稱:企業管理學系
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:中文
論文頁數:66
中文關鍵詞:盈餘管理分量迴歸營運績效財務危機
外文關鍵詞:Quantile regressionEarnings managementPerformanceDiscretionary Accruals
相關次數:
  • 被引用被引用:0
  • 點閱點閱:499
  • 評分評分:
  • 下載下載:26
  • 收藏至我的研究室書目清單書目收藏:1
財務報導與會計指標是企業與投資人溝通的主要工具,更是獎酬計畫與債務契約衡
量的重要參考。因此管理階層基於個人或公司利益常會對財務報導進行盈餘操弄。本研
究主要在探討營運績效與財務危機對盈餘管理之不同操弄程度的影響關係。過去盈餘管
理的研究大多聚焦於盈餘管理發生的時點、誘因以及操作手法,統計分析方法大多採用
最小平方法(Ordinary least squares)進行分析。但最小平方法因其統計特性,較難以描述
完整的樣本分配。本研究應用分量迴歸(Quantile regression)將盈餘管理程度分成多個水
準,觀察營運績效與財務危機對不同盈餘管理程度之影響,並與以往研究之結果進行比
較,期望能更深入探討盈餘管理之學術及管理意涵。本研究以2005至2016年之所有國內
上市企業為研究樣本,共取得14,405筆資料進行實證分析,研究變數包括盈餘管理、營
運績效、財務危機、金融海嘯虛擬變數及相關控制變數。
實證結果顯示,最小平方法所得之結果與過去研究文獻相符,營運績效對盈餘管理
呈現顯著負向影響;財務危機對盈餘管理呈現顯著正向影響。分量迴歸之研究發現,營
運績效對盈餘管理具顯著負向影響,且會隨盈餘管理程度的提升而增加;財務危機與負
債比率則是當盈餘管理程度分別達到50%及75%程度以上時,才會有顯著正向影響,且
與最小平方法所得之結果有較大差異。此外,本研究發現2007至2008金融海嘯期間,盈
餘管理程度達到75%以上時,管理階層可將財務困境歸因於整體經濟環境的惡化,反而
會減少對盈餘管理的操弄。
Financial reporting and accounting index are the main communication tools between enterprises and investors as well as the important references for the measurement of bonus plan and debt contract. Therefore, based on individual or corporate benefits, the management echelon often manipulates the earnings of financial reporting. This research mainly discussed the effect of operational performance and financial crisis on the manipulation degree of earnings management. In the past, the research on earnings management mostly focused on the time point, incentive and operation way of earnings management and statistical analysis method mainly adopted ordinary least squares to conduct analysis. But the ordinary least square has its statistical feature and it is difficult to describe the complete sample distribution. This research applied quantile regression to divide earnings management into several levels to observe the effect of operational performance and financial crisis on different earnings management levels and meanwhile compared with the previous research results, expecting that the academic and managerial implication of earnings management can be explored deeply. This research took all the listed companies from 2005 to 2016 in Taiwan as the research samples and a total of 14,405 materials were obtained to carry out empirical analysis. The research variables include earnings management, operational performance, financial crisis, dummy variable of financial tsunami and related control variable.
The empirical results show that the results obtained by ordinary least square are in line with the previous research literature: operational performance has the significantly negative effect on earnings management and financial crisis has the significantly positive effect on earnings management. The quantile regression research found that operational performance has the significantly negative effect on earnings management, and it will be increased when earnings management level is enhanced; financial crisis and debt ratio have the significantly positive effect only when their earnings management level reaches above 50% and 75% respectively and it has the big difference with the result obtained by ordinary least square.
Besides, this research also found that the management echelon can attribute financial distress to the deterioration of the overall economic environment to reduce the manipulation of earnings management when the earnings management level reaches above 75% during the period of financial tsunami (2007~2008).
謝 誌 I
中文摘要 II
ABSTRACT III
目 錄 V
表目錄 VII
圖目錄 VIII
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 研究架構與流程 6
第二章 文獻回顧 9
第一節 盈餘管理之定義與誘因 9
第二節 盈餘管理的衡量方法 12
第三節 應計基礎盈餘管理 16
第三節 分量回歸 22
第三章研究方法 25
第一節 研究假說 25
第二節 資料來源與樣本選取 28
第三節 研究模型及變數定義 29
第四節 統計分析方法 34
第四章 實證分析 41
第一節 敘述性統計分析 41
第二節 相關係數分析 43
第三節 實證分析結果 45
第五章 結論與建議 53
第一節 結論與研究發現 53
第二節 研究限制與建議 55
參考文獻 57

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范宏書、陳慶隆、廖英任(2008)。盈餘管理對會計資訊的相對價值攸關性之影響。管理與系統,15(1),93-136。
張永郎(2015)。美國物產保險公司再保險決定因子:分量迴歸分析。管理評論,24(4),41-57。
張瑞當、方俊儒、沈文華(2008)。企業集團是否委託同一家會計師事務所查核財務報表對其盈餘管理行為之影響。管理評論,27(2),29-52。
莊家彰、管中閔(2005)。台灣與美國股市價量關係的分量迴歸分析。經濟論文。33(4),379-404。
許永聲、陳信吉、陳琬菁(2013)。董事會與盈餘管理之選擇行為。會計評論,57,39-72。
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陳建良、管中閔(2006)。台灣工資函數與工資性別歧視的分量迴歸分析。經濟論文,34(4),435-468。
陳瑞璽、顧明仁(2017)。盈餘管理、投資人交易與股票報酬。證券市場發展季刊,29(1),105-148。
陳慶隆、翁佩瑜、范宏書(2016)。機構投資者、盈餘平穩化與會計資訊價值攸關性。管理評論,35(3),1-29。
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1. 李建然、羅元銘(2002)。新上市公司上市後營運績效衰退原因之探討。財務金融學刊,10(1),23-52。
2. 林嬋娟、洪櫻芬、薛敏正(1997)。財務困難公司之盈餘管理實證研究。管理學報,14(1),15-38。
3. 范宏書、陳慶隆、廖英任(2008)。盈餘管理對會計資訊的相對價值攸關性之影響。管理與系統,15(1),93-136。
4. 張永郎(2015)。美國物產保險公司再保險決定因子:分量迴歸分析。管理評論,24(4),41-57。
5. 張瑞當、方俊儒、沈文華(2008)。企業集團是否委託同一家會計師事務所查核財務報表對其盈餘管理行為之影響。管理評論,27(2),29-52。
6. 莊家彰、管中閔(2005)。台灣與美國股市價量關係的分量迴歸分析。經濟論文。33(4),379-404。
7. 許永聲、陳信吉、陳琬菁(2013)。董事會與盈餘管理之選擇行為。會計評論,57,39-72。
8. 陳明進、蔡麗雯(2010)。移轉訂價與盈餘管理之研究。證券市場發展季刊,22(2),141-175。
9. 陳建良、管中閔(2006)。台灣工資函數與工資性別歧視的分量迴歸分析。經濟論文,34(4),435-468。
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